Solana

Defi

Bitcoin

Billion

Divergence

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19.png" class="attachment-full size-full wp-post-image" alt="Solana price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19.png 2710w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Solana price prediction: Solana (SOL) is moving in unison with the majority of cryptocurrencies in the market led by Bitcoin price climb. The competitive smart contracts token, giving other altcoins a run for their money, is up by a double-digit percentage to $113. 
Its 24-hour trading volume increased by a staggering 94% to $3.3 billion boosting the market cap 11% higher to $50 billion, based on live market data by&nbsp;<a href="https://coinmarketcap.com/currencies/solana/">CoinMarketCap</a>.&nbsp;<a href="https://coingape.com/solana-labs-co-founder-addresses-community-concerns-over-ecosystem-security/?utm_source=24hrsupdateall">Solana</a>&nbsp;is currently the fourth-largest crypto, behind the most prominent stablecoin Tether (USDT). 
<h2 class="p1" id="solana-price-prediction-can-sol-close-the-day-above-115">Solana Price Prediction: Can SOL Close The Day Above $115</h2> 
<a href="https://coingape.com/price/solana/">Solana price</a>&nbsp;retreated following the token’s 2023 high at $125, with the series of lower lows and lower highs, forming a short-term falling wedge pattern. This downtrend continued slightly below $100 but bulls reclaimed control at $98 which paved the way for the ongoing trend reversal. 
The recovery in SOL price coincided with Bitcoin’s strengthening technical structure, having secure support at $42,000 toward the end of December. Solana reclaimed the S/R areas highlighted by the 50 Exponential Moving Average (EMA) (in red) and the 20 EMA (in blue). 
Due to the improving technical outlook, which called on holders to refrain from further selling, while traders entered new long positions, SOL climbed above $110 and now it is struggling to reduce the distance between $115 and $120. 
<figure id="attachment_171959" aria-describedby="caption-attachment-171959" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171959" src="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19.png" alt="Solana price prediction chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19.png 2710w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-171959" class="wp-caption-text">
 Solana price prediction chart | Tradingview
 </figcaption>
</figure> 
A buy signal from the Moving Average Convergence Divergence (MACD) indicator backs the uptrend in SOL, following a breakout from the falling wedge. 
Holding support at $115 could increase the chances of Solana price overcoming the selling pressure at $120 and continuing the recovery journey towards $200. 
Traders who entered long positions above the upper trendline have seen profits materialize. However, they should be alert and cautious to avoid bull traps, especially if SOL fails to close the day above $115. 
With the Relative Strength Index (RSI) retreating into the neutral area after brushing shoulders with the overbought region, the path with the least resistance could switch downwards. 
In case of a reversal with the RSI falling back to the midline (50) and possibly towards the oversold region (below 30), SOL might retest the short-term support at $110 with the likelihood of losses extending to the previous support around $100. 
Recommended for you:&nbsp;<a href="https://coingape.com/solana-sol-price-moves-closer-to-100-flipping-binance-coin-for-fourth-spot/?utm_source=24hrsupdatealtcoin">Solana (SOL) Price Shoots to $100 Flipping Binance Coin for Fourth Spot</a> 
<h2 class="p1" id="solana-defi-tvl-starts-to-1-5-billion">Solana DeFi TVL Starts To $1.5 Billion</h2> 
Assets locked in Solana smart contracts, also referred to as decentralized finance (DeFi) total value locked (TVL) have continued to increase alongside the spike in price, hitting highs above $1.5 billion for the first time since August 2022. 
<figure id="attachment_171958" aria-describedby="caption-attachment-171958" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171958" src="https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3.png" alt="Solana Defi TVL " width="2326" height="970" srcset="https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3.png 2326w, https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3-300x125.png 300w, https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3-1224x510.png 1224w, https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3-768x320.png 768w, https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3-1536x641.png 1536w, https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3-2048x854.png 2048w, https://coingape.com/wp-content/uploads/2024/01/Solana-DefiLlama-3-150x63.png 150w" sizes="(max-width: 2326px) 100vw, 2326px">
 <figcaption id="caption-attachment-171958" class="wp-caption-text">
 Solana Defi TVL | Defi Llama
 </figcaption>
</figure> 
<img decoding="async" class="aligncenter size-full wp-image-171959" src="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19.png" alt="" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19.png 2710w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-02_14-53-19-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"> 
Blockchain data by&nbsp;<a href="https://defillama.com/chain/Solana">Defi Llama</a>, a platform that monitors the perforce of ecosystems in the DeFi sector reveals the upsurge started in October and is unlikely to slow down as long as the crypto market is bullish. This means holders are relishing in the positive outlook SOL is exhibiting and are willing to keep their SOL tokens locked while they earn staking rewards. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
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The post <a href="https://coingape.com/markets/solana-price-prediction-as-defi-tvl-jumps-to-1-5-billion-in-2024-is-sol-blasting-off-to-200/">Solana Price Prediction As DeFi TVL Jumps To $1.5 Billion In 2024, Is SOL Blasting Off To $200?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Prediction As DeFi TVL Jumps To $1.5 Billion In 2024, Is SOL Blasting Off To $200?

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